公司治理与独立审计对债务成本的影响研究

发布时间：2018-08-14 10:01

【摘要】：债务成本的高低不仅会影响到企业的融资效率，也是对企业的业绩增长和长远发展起重要作用的因素之一。债权人与企业之间的代理问题和信息不对称会使得企业的债务成本增加，虽然国外学者的研究表明高水平公司治理和高质量审计监督能缓解他们之间代理冲突和信息不对称从而降低债务成本。然而，在中国资本市场上，对于公司治理和独立审计的监督作用是否能够切实发挥还存在不少疑问和争议，因此，成熟资本市场上的研究结论是否适用于国内资本市场还需要进一步检验。本文首先从理论上分析了公司治理与独立审计在降低债务成本中的作用机理，然后实证考察了公司治理与独立审计对债务成本的影响及在对债务成本的影响上两者之间的相互关系，得出了以下的研究结论：第一，高水平的公司治理能够降低债务成本。第二，高质量的审计监督也能降低债务成本，，即当审计师为“十大”会计师事务所时，债务成本会较低。第三，公司治理降低债务成本仅在审计质量较低时成立，在对债务成本的影响上两者存在着替代关系。具体来说，当公司聘请“十大”会计师事务所作为审计师，即审计质量较高时，公司治理水平对债务成本的影响不显著；而当公司聘请非“十大”会计师事务所作为审计师，即审计质量较低时，公司治理水平的提升才会显著降低债务成本。最后根据研究结论，本文认为要想降低债务成本，加强对债权人的保护，要从完善制度环境和改善审计委托模式入手，以提高审计质量并使公司自觉加强审计监督；还要从股权结构、董事会、高管薪酬激励以及信息披露等方面来不断深化公司治理机制改革以提高治理水平。
[Abstract]:The cost of debt will not only affect the financing efficiency of enterprises, but also play an important role in the growth and long-term development of enterprise performance. Agency problems and information asymmetries between creditors and businesses increase the cost of debt. Although the research of foreign scholars shows that high level of corporate governance and high quality audit supervision can alleviate the agency conflict and information asymmetry between them and thus reduce the cost of debt. However, in China's capital market, there are still many questions and controversies on whether the supervisory role of corporate governance and independent audit can be effectively brought into play. Whether the conclusion of the mature capital market is applicable to the domestic capital market needs further examination. Firstly, this paper theoretically analyzes the mechanism of corporate governance and independent audit in reducing the cost of debt. Then the paper empirically investigates the influence of corporate governance and independent audit on debt cost and the relationship between them, and draws the following conclusions: first, high level of corporate governance can reduce debt cost. Second, high quality audit supervision can also reduce the cost of debt, that is, when the auditor is a "top ten" accounting firm, the cost of debt will be lower. Third, corporate governance reduces the cost of debt only when the audit quality is low, and there is a substitute relationship between them in the impact on the cost of debt. Specifically, when companies employ "ten" accounting firms as auditors, that is, the quality of audit is relatively high, the level of corporate governance does not have a significant impact on the cost of debt, but when companies employ non-" ten "accounting firms as auditors, When the audit quality is low, the improvement of corporate governance level will significantly reduce the debt cost. Finally, according to the conclusion of the study, this paper thinks that in order to reduce the cost of debt and strengthen the protection of creditors, we should start with perfecting the system environment and improving the mode of audit entrustment, in order to improve the audit quality and make the company strengthen the audit supervision consciously. It is also necessary to deepen the reform of corporate governance mechanism from the aspects of equity structure, board of directors, executive compensation incentive and information disclosure to improve the governance level.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F239.4

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